U.S. SEC reveals progress made on Bitcoin ETF proposal; sets deadline for comments
The U.S. Securities and Exchange Commission (SEC) has issued a notice regarding the proposed rule change of GraniteShares Bitcoin ETF. The notice was published following the Chicago Board Options exchange [Cboe] filing a second amendment to proposal for GraniteShares Bitcoin ETF. The notice detailed the amendment that was made on the proposal and to invite public comments on the proposed rule change.
Cboe filed for a rule change to list and trade multiple Bitcoin ETFs including the VanEck/SolidX since the beginning of the year. Cboe filed for the approval of two GraniteShares Bitcoin ETFs to the SEC in January. Though the regulator rejected the proposal on August 22, the SEC changed its mind the very next day and issued a statement saying it will review its decision.
The current notice by the SEC solicits comments from the public and has set October 26 as the deadline for filing comments supporting or opposing the GraniteShares ETFs.
“Accordingly, IT IS ORDERED,[…..], that by October 26, 2018, any party or other person may file a statement in support of, or in opposition to, the action made pursuant to delegated authority,” the regulator stated in a separate document.
The SEC rejected a total of nine Bitcoin ETF proposals including the GraniteShares Bitcoin ETF proposal on August 22. Market manipulation, lack of proper regulations and investor protection were the main reasons why the SEC rejected Bitcoin ETF proposals.
The fate of Bitcoin ETFs has affected the crypto market, with every SEC decision on these ETFs causing major bull and bear runs in the market. While the proposals of the ETFs reflected a positive market sentiment, the rejection of the proposals saw the cryptocurrency prices tumble.
“One of the biggest issues holding back the price of cryptocurrencies is the SEC, which has rejected 15 different Bitcoin ETF proposals. However, every rejected ETF brings us one step closer to finally getting approval. The SEC isn’t rejecting Bitcoin ETFs because they hate Bitcoin; the SEC is rejecting a Bitcoin ETF because all the previous ETFs failed to meet certain rules and requirements,” according to a blog post from Weiss Ratings at the time.
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